Bitget Research: Market remains in narrow-range consolidation, with strong meme-driven wealth effect in Tron ecosystem
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Bitget Research: Market remains in narrow-range consolidation, with strong meme-driven wealth effect in Tron ecosystem
In the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
Over the past 24 hours, Bitcoin dropped to $58,000, with the market maintaining narrow-range consolidation. Key highlights include:
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The most wealth-generating sectors: Tron ecosystem MEME tokens, SOL ecosystem MEME tokens;
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Most-searched tokens & topics by users: Lumiterra, Dogecoin, Voxel;
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Potential airdrop opportunities: Babylon, Yescoin;
Data collection time: August 21, 2024, 04:00 (UTC+0)
1. Market Environment
Over the past 24 hours, BTC price fluctuated downward, falling to $58,000. Although it attempted a rebound yesterday, it failed to break above the triangle pattern, indicating the market remains in a repair and adjustment phase. Yesterday, U.S.-listed Ethereum spot ETFs saw a net outflow of $6.7 million, with trading volume at $194 million. Spot Bitcoin ETFs recorded a daily net inflow of $61.98 million—marking four consecutive days of net inflows. However, the total daily trading volume reached only $779.87 million, the lowest since February 6 and the third-lowest overall daily volume to date.
On the macro front, the Jackson Hole symposium is scheduled this week. A September rate cut has become the market consensus, though downside risks and risk-off corrections remain possible. As election odds shift and risk appetite improves slightly, Bitcoin may attempt another upward breakout. Meanwhile, stablecoin market capitalization has hit a record high of $165 billion, a development often signaling future gains for Bitcoin and broader crypto prices. Market attention is focused on DOGS, a high-traffic Telegram Mini Bot project within the TON ecosystem, which has been confirmed for listing on Binance Launchpool. Trading volume for Solana-based meme coins has sharply declined, with growing interest shifting toward meme tokens on the Tron ecosystem following the launch of Sunpump.
2. Wealth-Generating Sectors
1) Sector Movement: Tron (TRX)
Main reasons:
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Following Sun Yuchen’s announcement of SunPump—a token generator launched by Sun.io—prices of Tron-based tokens surged, driving spikes in trading volume and revenue metrics for newly created tokens. SunPump enables meme coin creation on the Tron blockchain and has already issued over 5,500 meme coins, generating significant TRX revenue. With this track record, SunPump positions itself as a direct competitor to Solana's popular pump.fun platform. Recently, its 24-hour transaction fees spiked to $5.3 million.
Price performance: TRX rose 11% over the past 24 hours;
Factors influencing future outlook:
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Tron ecosystem TVL and capital inflows: The amount of USDT issued on the TRON blockchain has surpassed $60.8 billion, accounting for 53% of total USDT supply. This robust liquidity pool not only enhances trading efficiency but also provides essential funding support for innovative projects, fostering growth across the meme ecosystem. The launch of SunPump further solidifies TRON’s position in the meme space, offering users a freer and more diversified trading environment. Continued capital inflows would likely drive broader ecosystem token prices higher.
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Future price movements of other ecosystem meme coins like SUNDOG and exchange listings: Monitor updates from major exchanges. If influential KOLs continue promoting these tokens and exchanges like Binance keep listing new Tron-based meme coins, sector热度 will likely persist.
2) Sector to Watch: SOL Meme Coins (WIF, BONK, POPCAT)
Main reasons:
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SOL price remains stable, holding above the $140 level, with potential to突破 $150 soon; DEX trading volume on Solana recently hit a new high, reflecting active capital flow that is lifting ecosystem projects;
Specific token list:
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WIF: A meme coin on the Solana ecosystem previously listed on Robinhood. When SOL rises, top-tier Solana meme coins like WIF typically rally faster;
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BONK, POPCAT: Core meme coins on Solana, experiencing increased trading volume recently with strong demand and room for positioning.
3. User Search Trends
1) Popular Dapp
Lumiterra:
Lumiterra is a multiplayer online game where players freely explore, build, battle, and earn income within a virtual world. In this boundless digital realm, players can take on roles such as warriors, farmers, explorers, or merchants—each with unique missions and goals. By playing the game, users earn virtual currency and engage in peer-to-peer trading. Currently, the game boasts over 246,000 unique active wallets (UAW), with a daily increase of 167%.
2) Twitter
Dogecoin:
Elon Musk posted an image on X jokingly offering to serve the "Department of Government Efficiency," whose acronym spells "D.O.G.E." This sparked increased discussion around DOGE on Twitter. Given the short-lived nature of the hype and lack of additional positive catalysts, speculative participation is advised with caution.
3) Google Search & Regional Trends
Globally:
Voxel:
Binance launched the VOXELUSDT perpetual contract at 18:30 (GMT+8) on August 20, 2024. Following the listing, VOXEL experienced rapid increases in both trading volume and price, with a 24-hour gain of 48.34%. Given previous volatility seen in related projects like RARE and SYS, users are advised to approach related trades cautiously.
By region:
(1) Asia: There is concentrated interest in RWA concepts and related projects. RWA-related terms frequently appear in search trends—for example, ONDO in Singapore, RWA Crypto in Vietnam, and “rwa meaning” in the Philippines.
(2) CIS Region: Continued strong enthusiasm for mini-games on the TON app. Projects like Blum appear in trending searches in Uzbekistan, Ukraine, and Belarus.
(3) Latin America: Strong focus on dog-themed tokens, with Floki, Bonk, and Shiba Inu appearing prominently in regional searches.
4. Potential Airdrop Opportunities
Babylon
Babylon is a Layer 1 blockchain founded by Professor David Tse from Stanford University. Its mission is to bring Bitcoin’s unmatched security to all PoS blockchains without additional energy costs. Babylon has raised $70 million in funding, led by Paradigm, with participation from Polychain Capital and Bullish’s venture arm.
Babylon has now launched Phase 1 of its mainnet for Bitcoin staking, allowing BTC holders to begin locking up BTC for staking. The protocol rollout will occur in three phases:
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Phase 1: Bitcoin Locking – Users can lock their Bitcoin into a secure self-custody script via Bitcoin transactions;
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Phase 2: Activate Bitcoin Staking – Launch the Babylon PoS chain;
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Phase 3: Activate Bitcoin Multi-Staking – Enable users to stake the same BTC across multiple PoS systems simultaneously.
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Initial maximum staking cap: 1,000 BTC.
Staking methods available:
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Official web application: The official Bitcoin staking portal (btcstaking.babylonlabs.io) provides a verified list of Finality Providers for delegators;
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Third-party services: Including third-party staking platforms, custodial solutions, and APIs;
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Command Line Interface (CLI) tools;
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Liquid Staking Token (LST) protocols will also participate in Babylon’s Bitcoin staking mainnet.
Yescoin
Yescoin, a high-traffic Telegram Mini App, launched "Yes Summer" in August. The campaign will collaborate with numerous projects, exchanges, and wallets to distribute $1,000,000 in rewards: https://x.com/Yescoin_Fam/status/1818913140295581817
Currently partnering with Bitget Wallet: https://x.com/BitgetWallet/status/1821870001504317941. Users can complete tasks such as opening treasure boxes, inviting friends, and learning about blockchain within Bitget Wallet to qualify for future token airdrops and earn $100,000 in $BGB rewards.
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